A Wells Fargo Gallup Investor And Retirement Optimism Poll conducted earlier this year suggested that the percentage of Americans owning Bitcoin currently stands at 2% but many are ‘intrigued’.
The poll was aimed at adults with at least $10,000 invested in traditional funds and targeted 1,921 investors over 18.
Young investors came out of the poll somewhat unsurprisingly as the most adventurous, claiming they would have no hesitation buying Bitcoin if the digital currency were more mainstream. This clearly shows where the drive towards greater adoption will originate from as Bitcoin becomes more established on financial markets: something now beginning to happen on Wall St.
Bitcoin News has published a number of reports this year which illustrate this tendency of Millenials pulling away from traditional finance towards digital currency. An interesting factor thrown up by this particular poll was the number of American investors who expressed themselves as being “intrigued” by Bitcoin, indicating that there is clearly a vacuum of education in the markets.
There was a high element of investors who saw the flagship digital currency as “risky” preferring to play it safe with their investments. Lydia Sadd who authored the report commented that it was clear that most investors seem prepared to bide their time, currently reliant only on what they understand.
Again, it appears that education regarding cryptocurrencies is generally lacking; most people prepared to rely on news reports which generally thrive on fear and uncertainty in the market or blow cryptocurrencies successes into gargantuan proportions. Neither of these extremes does anything for public confidence in new digital financial technologies.
It is clear that millennials are completely at the forefront of the crypto space, and without them, it is hard to imagine that Bitcoin would have even got off the ground. “Over 82% of millennials say their investment decisions were influenced by the Great Recession when $14 trillion in wealth was lost,” writes Kari Paul of Market Watch, adding, “Millennials regard the stock market with skepticism. People between the ages of 18 and 39 are less likely to invest money in the stock market than are other generations, studies show.”
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